Calumet is a specialty refiner and renewable fuels producer headquartered in Indianapolis. Calumet operates twelve facilities across North America and runs three segments: Specialty Products and Solutions (SPS), Montana Renewables (MRL), and Performance Brands. The SPS segment — the core of Calumet's business — processes crude oil into niche petroleum products including lubricating oils, solvents, waxes, white mineral oils, and petrolatums. These products are used as raw material inputs by industrial manufacturers and consumer goods companies, not as end products. Calumet claims to be the only North American specialty refiner producing all six major specialty product types. Customers often go through qualification processes lasting six months to two years before sourcing from Calumet, creating high switching costs. The SPS segment is anchored by an integrated Louisiana refinery complex spanning three facilities, 27 processing units, and 195 million gallons of storage. MRL converts organic waste and seed oils into renewable diesel, SAF, and renewable naphtha, sold under multiyear offtake agreements to investment-grade counterparties. MRL is currently expanding SAF capacity to 120–150 million gallons per year, targeting a mid-2026 launch, and has already contracted roughly 100 million gallons of annual SAF offtake. Performance Brands blends and markets premium lubricants under the Royal Purple, Bel-Ray, and TruFuel brands through retail and commercial channels. Calumet's near-term priorities are the SAF expansion, balance sheet deleveraging, and optimizing its specialty product mix.